Tag: RE

Res Judicata (latin legal term) means:Latin for “judged matter”; the concept that, once a disputed matter, such as tax liability, has been decided in court and the time to appeal has passed, the outcome is determined….

About Reconstruction of Income: in the absence of adequate books and records, the calculation under U.S. Internal Revenue Service (IRS) authority, of a taxpayer's income by whatever method, will clearly reflect that income. Reconstruction …

About Residency Starting Date: generally, the first day an alien is present in the United States during a calendar year. Up to 10 days of actual presence in the United States for that year can be excluded if (1) the alien had a closer connection to a foreign country than to the United States, and…

About Relationship Test: for purposes of the dependency exemption, the following persons qualify as related to the taxpayer: • child, grandchild, great-grandchild, or other lineal descendant. • stepchild. • brother, sister, half-brother, half-sister, stepbrother, or stepsister. •…

Religious Organization is used. when such an association or corporation has a common or community treasury, it is tax exempt even if such association or corporation engages in business for the common benefit of the members. The members must include in their gross incomes their entire pro rata shares…

Revenue Neutrality is a legal term that is. referring to changes in the tax laws that result in no alteration in the amount of revenue coming into the government's coffers. Constraints on tax reform that it should not change revenues available to government in any significant way. For example, a pro…

Retirement Program is. one of five programs in the Social Security System under which monthly payments are made to retired workers who have enough Social Security credits. Payments may also be made to the retired worker's spouse….

Rehabilitation Tax Credit means:a 20% tax credit for rehabilitating certified historic structures, and a 10% credit for industrial and commercial buildings placed in service before 1936. However, the following conditions are imposed: • The credit may be used to offset a maximum of $25,000 o…

Reforestation Credit means:a 10% tax credit for direct costs incurred in connection with forestation or reforestation. Former IRC (check if this IRC provision is current here) §48(b)….

Recapture may have one of the following meanings, depending the context of the term: 1. the taxing at ordinary rates of the part of the gain on a sale that represents prior depreciation allowances (e.g., Sections 1245 and 1250 property). See also depreciation recapture. 2. repayment of a previously …